ECONOMIC

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TABLE C—46.—Consumer price indexes, selected commodities and services, 1939—73For urban wage earners and clerical workers[1967=1001Durable commoditiesNondurable commoditiesless foodServices less rentYear or monthTotal iNewcarsUsedcarsHouseholddurablesTotalApparelcommoditiesNondurableslessfoodandapparelTotalHouseholdserviceslessrentTransportationservicesMedicalcareservicesOther*1939194019411942 .1943194419451946 ... .194719481949195019511952195319541955195619571958 ..1959196019611962196319641965196619671968196919701971197219731972: JanFebMarMayJuneJulyAugSeptOct.NovDec1973: JanFebMarAprMayJuneJulyAugSeptOctNov. .Dec48.548.151.458.460.365.970.974.180.386.287.488.495.196.495.793.391.591.594.495.997.396.796.697.697.998.898.498.5100.0103.1107.0111.8116.5118.9121.9117.3117.1117.3117.7118.4119.2119.6119.7119.8120.1120.3120.3119.9119.9120.2121.0121.8122.3122.4122.6122.6123.2123.3123.243.243.346.669.275.682.883.487.494.995.894.390.993.598.4101.5105.9104.5104.5104.1103.5103.2100.999.1100.0102.8104.4107.6112.0111.0111.1112.2111.9111.7111.7111.4111.3111.0110.6109.6110.1110.2110.6111.1111.0110.8111.1111.1111.0110.9110.6109.1111.9112.2112.089.275.971.869.177.480.289.583.686.994.896.0100.199.497.0100.0(3)103.1104.3110.2110.5117.6105.3103.0103.9106.4110.0112.0112.7112.4113.6115.2116.0115.0112.8112.4113.7117.3120.6122.3122.7121.3120.3118.5116.1112.656.655.959.866.969.576.081.886.595.6101.799.0100.2109.8106.9105.7102.9100.199.7101.4102.1102.0101.9100.7100.6100.3100.298.798.6100.0103.3107.4110.2112.9115.0118.8113.7113.6114.1114.4114.8115.1115.3115.4115.6115.8116.0116.2116.1116.3116.9117.7118.5119.2119.4119.6120.1120.4120.8121.044.344.746.751.653.856.658.662.972 277.876.376.282.082.483.183.583 585.387.688.289.390.791.291.892.793.594.897.0100.0104.1108.8113.1117.0119.8124.8118.1118.4118.9119.1119.7119.5119.3119.4120.8121.3121.7121.7120.9121.6122.4123.3124.0124.7124.4124.7125.5127.0128.5130.043.043.545.853.555.959.863.069.580 485.482.081.188.787.786.786.385 887 388.288.289.090.390.891.292 092.893.696.0100.0105 6111.9116 5120.1122.7127.1120.3120 9121.6122.1122.9122.4121.3120.9123.5124.9125.6125.5123.1123.8125.2126.2127.2127.2126.0126.6128.7130.0130.8130.746.346.848.451.153 254.755.858.266 272.372 472.977.579 081 081.882 184 187 488 389.690 991.392.193 193.995.597.5100.0103 3107.0111 2115.2118.2123.4116.8117 0117.3117.4117.9117.9118.2118.6119.3119.3119.4119.5119.7120.4120.8121.7122.2123.3123.5123.6123.8125.3127.3129.638.138.138.640.342.144.245.146.749.051.954.556.059.362.264.866.768.270.173.376.479.081.983.985.587.389.291.595.3100.0105.7113.8123.7130.8135.9141.8134.1134.4134.6135.0135.3135.7136.1136.4136.7137.2137.6138.0138.3138.7139.2139.6140.1140.7141.0141.9143.4145.2146.1146.971.275.479.481.685.086.087.189.090.492.195.7100.0105.9115.3126.8132.6139.2146.8136.9137.3137.6138.0138.4138.8139.5140.0140.3140.7141.3141.9142.3142.8143.2143.6144.2144.9145.3146.8149.3151.7153.2154.236.136.136.338.238 238.238.239.040 344.950 053.358.362.466.469.269.470.573.878.581.283.385.386.687.589.692.996.8100.0104 0111.3123.1133.0136.0136.9135.6135.6135.4135.6135.8136.0136.3136.3136.3136.2136.3136.4136.0136.1136.3136.5136.6137.0137.0137.1137.2137.4137.4138.132.532.532.733.735.436.937.940.143 546.448.149.251.755.057.058.760 462.865.568.772.074.977.780.282.684.687.392.0100.0107.3116.0124.2133.3138.2144.3135.8136.4136.9137.3137.6138.0138.4138.6138.9139.9140.1140.5141.0141.5142.2142.7143.1143.6143.9144.3145.1147.8148.2148.771.173.976.278.080.883.485.687.790.192.696.2100.0105.6110.6116.7122.5125.8131.6124.3124.5124.7125.1125.3125.6125.8125.9126.7127.0127.4127.7128.1128.6129.2129.9130.6131.3131.7132.1133.3134.0134.8135.3i Includes certain items not shown separately.3 Includes the services components of apparel, personal care, reading and recreation, and other goods and services.> Not available.Source: Department of Labor, Bureau of Labor Statistics.302
TABLE C—47.—Consumer price indexes, seasonally adjusted, 1970—73For urban wage earners and clerical workers11967=100, seasonally adjusted]Year and month1970: Jan...Feb...Mar..Apr...May..June..July..Aug...Sept..Oct...Nov...Dec...1971: Jan...Feb...Mar-Apr...May..June..July..Aug...Sept..Oct...Nov...Dec...1972: JanFebMarAprMayJuneJulyAugSeptOctNovDec1973: JanFebMarAprMayJuneJulyAugSept ...-OctNovDecSpecial indexesAllitemslessfoodAllitemslessshelter113.4114.1114.7115.4116.0116.5117.0117.3118.0118.7119.4120.1120.4120.6120.7120.9121.6122.2122.4122.8123.1123.3123.5123.8124.1124.4124.6124.9125.4125.6125.9126.2126.7126.8127.1127.5127.6128.2128.5129.1129.7130.2130.4131.0131.8132.8133.7134.6112.2112.6112.8113.5113.9114.2114.6114.9115.4116.0116.4116.8117.2117.6118.0118.5119.1119.6119.8120.2120.2120.3120.5120.9121.1121.6121.8121.9122.3122.5122.9123.2123.8124.2124.7124.8125.6126.5127.8128.8129.6130.3130.133.5133.6134.5135.7136.5Allitemslessmedical113.2113.8114.4115.0115.6115.9116.3116.7117.2117.9118.3118.8119.0119.2119.5119.8120.4121.0121.3121.6121.7122.0122.2122.6123.0123.5123.7123.9124.3124.5125.0125.3125.9126.2126.6126.8127.6128.3129.6130.5131.3132.132.4135.0135.4136.4137.5138.3Commodity groupsAllcommodities111.4111.9112.1112.6113.1113.3113.6113.7114.2114.7115.1115.6115.7115.7116.2116.6117.2117.7117.9118.1118.1118.3118.5118.9119.1119.6119.8119.9120.3120.5121.0121.3122.0122.3122.7122.8123.8124.7126.2127.4128.3129.1129.4132.7132.8133.5134.7135.6Food113.6114.3114.3114.6115.0114.9115.0115.1115.6115.8115.7115.6115.7116.1117.1117.7118.2118.8119.0119.3119.0119.3119.8120.5120.5122.4122.4122.3122.3122.5123.3123.9124.8125.5126.4126.3128.9131.4134.5136.4137.9139.2139.9148.5148.3149.1151.2151.6Commodities lessfoodTotal110.3110.6110.8111.5111.9112.4112.6112.9113.4114.0114.6115.3115.5115.5115.7115.9116.5116.9117.1117.5117.4117.5117.6117.7118.1118.2118.6118.6119.1119.2119.5119.9120.3120.3120.5120.7120.9121.3121.9122.4122.9123.5123.6124.2124.3124.9125.8126.Durable109.1109.3109.8110.3111.0111.6111.8112.2113.0113.7114.2115.1115.2115.3115.7115.9116.5116.9117.1116.9116.9116.9116.9117.1117.3117.6117.9118.1118.3118.7119.2119.7120.3119.9119.9120.1119.9120.4120.8121.4121.7121.8122.0122.6123.1123.0122.9123.0Nondurable111.0111.5111.7112.4112.7112.9113.3113.5113.9114.4114.8115.4115.6115.7115.9116.1116.6116.9117.1117.7118.0118.1118.1118.3118; 5118.8119.1119.2119.6119.5119.8119.9120.4120.7121.1121.2121.3122.0122.6123.4123.9124.7124.9125.2125.1126.4127.9129.5Selected expenditure classesShelter118.4119.6121.2122.0122.8123.6124.0124.8125.8126.4127.0127.8128.0127.6126.7126.6127.5128.4128.8129.4129.9130.5131.2131.5132.4132.9132.8133.1133.8134.2135.0135.4135.6135.9136.1136.7137.0137.7137.7138.1139.0139.5139.7141.0142.8144.6145.5146.3Fuelandutilities105.0105.2105.8106.4106.7106.8107.6108.1108.7109.6110.6111.2112.0112.9113.5113.8114.3114.8115.6116.1116.3116.6116.3117.5118.3118.8118.9119.2119.7120.0120.1120.3120.9121.2121.6121.9122.7123.9124.2124.7125.3125.9125.8126.6127.3129.2132.0135.8ApparelandupkeepTransportation114.2114.6114.8115.1115.4115.9116.1116.6117.0117.3117.8118.3118.4118.7118.8119.2119.8120.0120.1120.2120.4120.6120.7120.8121.0121.3121.5121.9122.0122.0122.0122.1122.9123.3123.6124.0123.9124.2125.1125.9126.2126.7126.7127.9128.0128.6129.1129.5109.5110.0110.0111.3111.9112.4113.2112.8113.7115.0115.9116.9117.1117.7118.2118.3118.6119.1119.2119.3119.4118.9118.6118.4118; 5118.5118.9118.8119.3119.3120.0120.5122.0120.8121.3121.2120.6121.3122.0122.8123.3124.1124.6124.5124.9124.6125.126.6Medicalcare116.5117.2118.1118.9119.5120.4121.2121.9122.5123.0123.8124.6125.2125.9126.7127.2127.8128.5129.0129.7130.1129.9130.1130.5130.8131.1131.3131.4131.7132.3132.4132.6132.8134.2134.5134.8135.2135.4135.7135.9136.3136.9137.0137.3138.0140.9141.3141.8Source: Department of Labor, Bureau of Labor Statistics.303
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ECONOMICTRANSMITTEDTO THE CONGRESSF
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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of the inflation rate of 1973, and
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or permit incentives—including hi
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people of an easy time. Like our pa
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THE PRESIDENT:LETTER OF TRANSMITTAL
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CHAPTER 3. INFLATION CONTROL UNDER
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Page7. Unemployment Rates by Sex an
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Page53. Maximum Percent Change in E
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We have specific problems, too, asi
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This curtailment of supply does, of
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consumption we would not have chose
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outside the food and fuel sectors a
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about $14 billion from deficit to s
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8 percent, at annual rates. Continu
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A third method, which seems to have
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DEVELOPMENT OF LOW-COST ENERGY FOR
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would otherwise have been invested
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TRANSPORTATION REFORMLast year the
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constraints. Restrictions on entry
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In early 1974 the Commerce Departme
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Consumer SpendingConsumer expenditu
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Chart 1Changes in GNP, Real GNP, GN
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During the fourth quarter the downt
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A number of points may be noted abo
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income do not appear to have played
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Chart 2Changes in Real GNPPERCENTUN
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of essentially declining participat
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The unemployment rate for adult mal
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from job losers, the remainder of t
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to maintain a somewhat larger work
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Chart 3Changes in Selected Price Me
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TABLE 12.—Changes in selected pri
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production workers, and it is sensi
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the profits that companies report a
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Two measures of changes in income t
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About $8 billion of the growth in e
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effect of covered wage and employme
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Since these apparent stabilization
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MONETARY POLICY AND FINANCIAL MARKE
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lation requiring ceilings on all CD
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TABLE 19.—Offerings of new securi
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CHAPTER 3Inflation Control Under th
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(A more detailed presentation of th
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ate of advance in grocery store foo
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to the economy but also in the sens
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were imposed, limiting prices to th
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spurring of domestic inflation by e
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was more than twice as high in 1973
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wage increases in many cases, const
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TABLE 26.—Behavior of items in co
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Chart 6Changes in RelatedWholesale
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and natural gas. A complex set of f
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CHAPTER 4Energy and AgricultureFOR
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al gas have contributed to the low
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TABLE 30*—Wholesale prices, all i
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tion sector, which in 1972 accounte
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United States on oil imports, OPEC
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of old oil and prices of imported a
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LONG-TERM PROSPECTSThe price of imp
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important that the higher costs be
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improving the environment. The fund
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pollutants into the atmosphere will
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of research and rapid mechanization
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lion in fiscal 1972. Actually the a
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a minimum income. Unless prices fal
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The Administration supports the exa
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and estimates of some of these effe
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Since families typically pool their
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ability were not perfectly correlat
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Farm wages and farm income received
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TABLE 37.—Average usual weekly ea
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Chart 9Real Incomes for Men in Diff
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ecause they have acquired more expe
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whose owners or white workers have
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Several factors can be mentioned to
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y social pressures, however, which
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TABLE 42.—Relation of wage and sa
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ferences in their mix of occupation
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for public housing may be valued by
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8 to 20 percent for black females.
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sufficiently high to cover the addi
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TABLE 45.—Federal Government tran
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given to the problems of poverty du
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TABLE 47.—Trends in the employmen
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enefit increases greater than the i
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(Table 45). Medicare is chiefly des
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Public assistance is specifically d
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Then, subtracting equation (4) from
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policies, and the tensions among co
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In the fourth quarter the dollar ro
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which include trade, grants and oth
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tarily by foreign central banks, ev
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ply of oil, and by domestic price c
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in the United States. In view of th
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TABLE 52.—U.S. balances on intern
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esult from changes in market value
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TABLE 54.—Major changes in capita
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attempt was made to agree on a code
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The official price of gold was rais
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system, these demand changes were a
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What Pressures Should Be Exerted on
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The composition of reserves among d
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prices of approximately the same or
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tained, they would probably be felt
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Reducing Nontariff BarriersIn order
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Structural problems. Agreements on
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arrangements which are designed to
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capital and the means of putting th
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Canada and four smaller countries u
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currencies have appreciated relativ
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Effective Changes in Other Currenci
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Activities of the Advisory Committe
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Appendix BREPORT TO THE PRESIDENT O
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Report to the President on the Acti
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govern the exploitation of the reso
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Manpower and Social Affairs Committ
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Junior Staff EconomistsJames S. Fac
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Appendix CSTATISTICAL TABLES RELATI
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PRODUCTION AND BUSINESS ACTIVITY:Pa
Page 255 and 256:
NATIONAL INCOME OR EXPENDITURETABLE
Page 257 and 258: TABLE C-2.—Gross national product
Page 259 and 260: TABLE C-3.—Implicit price deflato
Page 265 and 266: TABLE C—8.—Gross national produ
Page 267 and 268: TABLE C-10.—Gross national produc
Page 269 and 270: TABLE C-12.—Personal consumption
Page 271 and 272: TABLE C-14.—Relation of gross nat
Page 273 and 274: TABLE C—16.—Relation of nationa
Page 275 and 276: TABLE C-18.— Total and per capita
Page 277 and 278: TABLE C-19.—Sources of personal i
Page 279 and 280: TABLE C-21.—Saving by individuals
Page 281 and 282: POPULATION, EMPLOYMENT, WAGES, ANDP
Page 283 and 284: TABLE C-24.—Noninstitutional popu
Page 285 and 286: TABLE C-26.— Selected unemploymen
Page 287 and 288: TABLE C—28.—Unemployment insura
Page 289 and 290: TABLE C-29.—Wage and salary worke
Page 291 and 292: TABLE C-31.—.•Average weekly ea
Page 293 and 294: TABLE C-33.—Changes in output per
Page 295 and 296: TABLE C—35.—Industrial producti
Page 297 and 298: TABLE C-37.—Capacity utilization
Page 299 and 300: TABLE C—38.—New construction ac
Page 301 and 302: TABLE C-39.—New housing starts an
Page 303 and 304: TABLE C-41.—Sales and inventories
Page 305 and 306: TABLE C-43.—Manvjacturers* new an
Page 307: TABLE O45.—Consumer price indexes
Page 311 and 312: TABLE C~49.—Wholesale price index
Page 313 and 314: TABLE C-50.—Wholesale price index
Page 315 and 316: 194819491950.,1951195219531954Yearo
Page 317 and 318: TABLE C-53.—Commercial bank loans
Page 319 and 320: TABLE G-54.—Total funds raised in
Page 321 and 322: TABLE C-56.—Federal Reserve Bank
Page 323 and 324: TABLE C-58.—Bond yields and inter
Page 325 and 326: TABLE C-59.—Short- and intermedia
Page 327 and 328: TABLE C-61.—Mortgage debt outstan
Page 329 and 330: TABLE C-63.—Net public and privat
Page 331 and 332: TABLE C-65.—Federal budget receip
Page 333 and 334: TABLE C-66.—Relation of the Feder
Page 335 and 336: TABLE C-68.—Receipts and expendit
Page 337 and 338: TABLE C-10.—State and local gover
Page 339 and 340: TABLE C-72.—Estimated ownership o
Page 341 and 342: CORPORATE PROFITS AND FINANCETABLE
Page 343 and 344: TABLE C-76.—Relation of profits a
Page 345 and 346: TABLE C-77.—Sources and uses of f
Page 347 and 348: TABLE C-79.—State and municipal a
Page 349 and 350: TABLE C-81.—Business formation an
Page 351 and 352: Year1929...1933...1939...1940...194
Page 353 and 354: TABLE C-85.—Indexes of prices rec
Page 355 and 356: TABLE G-87.—Comparative balance s
Page 357 and 358: TABLE G-88.— U.S. balance of paym
Page 359 and 360:
TABLE C-90.— U.S. merchandise exp
Page 361 and 362:
TABLE C-92.—International reserve
Page 363 and 364:
TABLE G-94.—International investm
Page 365:
TABLE C-96.—Consumer price indexe
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